The Company increased its outlook for 2012 revenues to $110 billion and net earnings to a range of $4.90 to $5.00 per share.

Page 1 of 9

Quarterly Financial Performance

Three Months Ended

June 30,

June 30,

March 31,

2012

2011

2012

Revenues

$27.3 billion

$25.2 billion

$27.3 billion

Earnings From Operations

$2.2 billion

$2.1 billion

$2.3 billion

Net Margin

4.9%

5.0%

5.1%

•

UnitedHealth Group's consolidated second quarter 2012 revenues of $27.3 billion increased $2 billion or 8 percent year-over-year, led by increases in government-sponsored benefit program revenues. New business awards to be implemented this year and next in both health care benefits and health care services reflect the value, strength and consistency of the Company's offerings.

•

Second quarter earnings from operations were $2.2 billion and net earnings were $1.3 billion or $1.27 per share, an increase of 9 percent from second quarter 2011.

The consolidated medical care ratio of 81.3 percent in the quarter was stable year-over-year, decreasing 10 basis points. Favorable reserve development of $210 million in second quarter 2012 was comparable to $180 million in second quarter 2011 and included $90 million related to prior year medical costs.

•

The second quarter operating cost ratio of 15 percent increased 20 basis points year-over-year, driven by faster relative growth in revenues from services, products and fee-based benefits, as well as continued investments in the pharmacy management services business as the Company prepares to transition the balance of UnitedHealthcare's commercial pharmacy benefit management to Optum.

___________________________

1Adjusted numbers are non-GAAP financial measures. GAAP cash flows from operations of $2.2 billion for second quarter 2012 do not reflect the $2.5 billion monthly premium payment for April received in March from the Centers for Medicare and Medicaid Services (CMS) and do include a $2.7 billion monthly payment for July that was received in June. Cash flows from operations have been adjusted to report all CMS payments in the quarter to which they relate.

Page 2 of 9

UnitedHealth Group Results - Continued

•

The second quarter income tax rate of 35.5 percent was 50 basis points lower than in first quarter 2012 and second quarter 2011, primarily due to favorable resolution of an outstanding tax matter.

•

Second quarter days sales outstanding in accounts receivable of 9 days improved by one day year-over-year. Second quarter 2012 days claims payable increased one day year-over-year to 48 days at June 30, 2012.

•

UnitedHealth Group's annualized return on equity through the first six months of 2012 was 19 percent, and the June 30, 2012 ratio of debt to total capital was 30 percent.

•

During the second quarter the Board of Directors increased the Company's quarterly dividend 31 percent to a rate of $0.85 per share annually and renewed and expanded the share repurchase program with an authorization to repurchase up to 110 million shares over time, which is just over 10 percent of the outstanding shares. UnitedHealth Group repurchased 33 million shares for $1.8 billion through the first half of 2012 and ended the period with $1 billion in cash available for general use.

Page 3 of 9

UnitedHealthcare provides network-based health care benefits for a full spectrum of customers in the health benefits market. UnitedHealthcare serves employers ranging from sole proprietorships to large, multi-site and national employers, as well as students and individuals; delivers health and well-being benefits to Medicare beneficiaries and retirees; manages health care benefit programs on behalf of state Medicaid and community programs and their participants and is preparing to serve the nation's active and retired military through a recently awarded TRICARE contract.

Quarterly Financial Performance

Three Months Ended

June 30,

June 30,

March 31,

2012

2011

2012

Revenues

$25.5 billion

$23.7 billion

$25.5 billion

Earnings From Operations

$1.9 billion

$1.8 billion

$2.1 billion

Operating Margin

7.5%

7.4%

8.1%

•

UnitedHealthcare's second quarter 2012 revenues of $25.5 billion increased $1.9 billion or 8 percent year-over-year. Revenue growth was driven by an increase of 1.7 million consumers served in the past 12 months, including 305,000 new consumers in the second quarter of 2012.

•

In July, the Government Accountability Office affirmed the Department of Defense TRICARE award to UnitedHealthcare. Under a contract for five years of service beginning in mid-2013, UnitedHealthcare Military & Veterans will serve the Department of Defense and nearly 3 million active duty or retired military service personnel and their families. The Company does not anticipate the award will be further contested.

•

Earnings from operations for UnitedHealthcare for the second quarter of 2012 increased $147 million or 8 percent year-over-year to $1.9 billion. The second quarter 2012 operating margin of 7.5 percent was stable year-over-year, increasing 10 basis points. Operating earnings and margins decreased sequentially, as first quarter 2012 benefited from greater medical reserve development and a favorable adjustment to estimated premium rebates payable for 2011.

Page 4 of 9

UnitedHealthcare Business Results - Continued

UnitedHealthcare Employer & Individual

•

UnitedHealthcare Employer & Individual second quarter revenues of $11.6 billion grew $309 million or 3 percent over second quarter 2011 results. Over the past year, fee-based offerings grew to serve 870,000 more consumers while risk-based commercial products decreased by 150,000 people. At June 30, 2012, the business served 26.4 million consumers.

•

UnitedHealthcare's innovative consumer-directed health care products were used by 4.8 million people at June 30, 2012, a 25 percent year-over-year increase. The fully-insured versions of these offerings have been the Company's strongest source of risk-based commercial growth in recent quarters.

In Medicare Advantage, UnitedHealthcare served 395,000 more people in the past year, an 18 percent increase, due to the combination of acquisitions and strong organic growth.

▪

Steady growth in active Medicare Supplement products continued, with the number of people served increasing by 215,000 or 8 percent in the past year, including 35,000 people in second quarter 2012.

▪

At June 30, 2012, 4.2 million seniors and other beneficiaries participated in the Company's stand-alone Part D prescription drug plans. Participation in this product set decreased 10,000 people in the second quarter and 550,000 people year-over-year, due to pricing benchmarks for the government-subsidized low income Part D market coming in below the Company's bid levels in a number of regions.

UnitedHealthcare Community & State

•

Second quarter Community & State revenues of $3.8 billion increased $471 million or 14 percent year-over-year. During the past 12 months, the Company expanded its Medicaid services to 370,000 more beneficiaries, including 210,000 people in the second quarter. Second quarter growth was led by strong enrollment from Louisiana's recently launched Medicaid program. Recent awards in Hawaii, Washington, Ohio and Kansas are expected to add to growth over the next year.

Total Optum revenues for the second quarter of 2012 of $7.3 billion increased $285 million or 4 percent year-over-year. Growth in key markets and product categories over the past year was offset by a reduction in pharmacy services revenues from Part D and the June 2011 disposal of the Company's clinical trials services business.

•

Optum's second quarter earnings from operations of $320 million were consistent with the Company's full year 2012 operating plan. The operating margin of 4.4 percent decreased from 4.8 percent in the second quarter of 2011 and improved one percentage point from the first quarter of 2012. Operating earnings decreased $20 million year-over-year due to planned investments to align and fully develop the health care services business units, including transitioning UnitedHealthcare's commercial pharmacy benefit management operations to Optum, as well as the reduction in Medicare Part D pharmacy business. These items were partially offset by earnings growth in key markets and product categories. The nearly $70 million sequential improvement in operating earnings was driven by growth in key markets and product categories and improving operational efficiency.

OptumHealth second quarter 2012 earnings from operations of $123 million and operating margin of 6.1 percent increased $31 million and 140 basis points sequentially and decreased $12 million and 200 basis points year-over-year. Similar to the first quarter 2012, year-over-year results were impacted by business mix, primarily the higher revenue base and comparatively lower margins in integrated care delivery, and investments to expand and develop the business. Operating earnings are expected to increase on a year-over-year basis in the second half of 2012, driven by efficiency improvements and growth.

•

OptumHealth Financial Services assets under management grew 27 percent year-over-year to $1.7 billion. OptumHealth Financial Services grew the electronic transmission of medical payments over its connectivity network by 19 percent year-over-year in the quarter. Increases in electronic transmissions improve health system accuracy, efficiency and productivity. First half 2012 transmissions translate to a full year run rate in excess of $60 billion of the estimated $150 billion in aggregate health care spending managed by UnitedHealth Group in 2012.

OptumInsight's second quarter 2012 earnings from operations of $95 million increased 9 percent year-over-year. The full percentage point improvement in second quarter operating margin to 14.2 percent was driven by an improved mix of services.

OptumRx earnings from operations of $102 million decreased $16 million year-over-year and increased $31 million sequentially as operating margin improved 70 basis points from first quarter 2012 to 2.2 percent. Year-over-year, investments to support national account relationships and the transition of UnitedHealthcare commercial pharmacy benefits and the decreased prescription volume in the Medicare Part D business impacted results.

___________________________

2Adjusted numbers are non-GAAP financial measures. The GAAP calculation of 2 percent revenue growth year-over-year in the second quarter includes $80 million in second quarter 2011 revenue from the Company's since-disposed clinical trials services business.

Page 7 of 9

About UnitedHealth Group

UnitedHealth Group (NYSE: UNH) is a diversified health and well-being company dedicated to helping people live healthier lives and making health care work better. With headquarters in Minnetonka, Minn., UnitedHealth Group offers a broad spectrum of products and services through two distinct platforms: UnitedHealthcare, which provides health care coverage and benefits services; and Optum, which provides information and technology-enabled health services. Through its businesses, UnitedHealth Group serves more than 75 million people worldwide. For more information, visit UnitedHealth Group at www.unitedhealthgroup.com.

Earnings Conference Call

As previously announced, UnitedHealth Group will discuss the Company's results, strategy and future outlook on a conference call with investors at 8:45 a.m. Eastern time today. UnitedHealth Group will host a live webcast of this conference call from the Investors page of the Company's Web site (www.unitedhealthgroup.com). The webcast replay of the call will be available on the same site through August 2, 2012, following the live call. The conference call replay can also be accessed by dialing 1-855-859-2056, conference ID # 88025135. This earnings release and the Form 8-K dated July 19, 2012 may also be accessed from the Investors page of the Company's Web site.

Forward-Looking Statements

This press release may contain statements, estimates, projections, guidance or outlook that constitute “forward-looking” statements as defined under U.S. federal securities laws. Generally the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “plan,” “project,” “should” and similar expressions identify forward-looking statements, which generally are not historical in nature. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. We caution that actual results could differ materially from those that management expects, depending on the outcome of certain factors.

Some factors that could cause results to differ materially from the forward-looking statements include: our ability to effectively estimate, price for and manage our medical costs, including the impact of any new coverage requirements; the potential impact that new laws or regulations, or changes in existing laws or regulations, or their enforcement or application could have on our results of operations, financial position and cash flows, including as a result of increases in medical, administrative, technology or other costs or decreases in enrollment resulting from federal, state, local and international regulations affecting the health care industry; the impact of any potential assessments for insolvent payers under state guaranty fund laws, including any that could arise out of the potential liquidation of Penn Treaty Network America Insurance Company; the ultimate impact of the Patient Protection and Affordable Care Act, which could materially and adversely affect our results of operations, financial position and cash flows through reduced revenues, increased costs, new taxes and expanded liability, or require changes to the ways in which we conduct business or put us at risk for loss of business; potential reductions in revenue received from Medicare and Medicaid programs; uncertainties regarding changes in Medicare, including potential changes in risk adjustment data validation audit and payment adjustment methodology; failure to comply with restrictions on

Page 8 of 9

patient privacy and data security regulations; regulatory and other risks and uncertainties associated with the pharmacy benefits management industry and our ability to successfully repatriate our pharmacy benefits management business; competitive pressures, which could affect our ability to maintain or increase our market share; the impact of challenges to our public sector contract awards; our ability to execute contracts on competitive terms with physicians, hospitals and other service professionals; our ability to attract, retain and provide support to a network of independent producers (i.e., brokers and agents) and consultants; events that may adversely affect our relationship with AARP; increases in costs and other liabilities associated with increased litigation, government investigations, audits or reviews; the potential impact of adverse economic conditions on our revenues (including decreases in enrollment resulting from increases in the unemployment rate and commercial attrition) and results of operations; the performance of our investment portfolio; possible impairment of the value of our goodwill and intangible assets in connection with dispositions or if estimated future results do not adequately support goodwill and intangible assets recorded for our existing businesses or the businesses that we acquire; increases in health care costs resulting from large-scale medical emergencies; failure to maintain effective and efficient information systems or if our technology products otherwise do not operate as intended; misappropriation of our proprietary technology; our ability to obtain sufficient funds from our regulated subsidiaries to fund our obligations, to maintain our quarterly dividend payment cycle or to continue repurchasing shares of our common stock; failure to complete or receive anticipated benefits of acquisitions and other strategic transactions; potential downgrades in our credit ratings; and failure to achieve targeted operating cost productivity improvements, including savings resulting from technology enhancement and administrative modernization.

This list of important factors is not intended to be exhaustive. A further list and description of some of these risks and uncertainties can be found in UnitedHealth Group's reports filed with the Securities and Exchange Commission from time to time, including the cautionary statements in our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Any or all forward-looking statements we make may turn out to be wrong. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake to update or revise any forward-looking statements.

Page 9 of 9

UNITEDHEALTH GROUP

Earnings Release Schedules and Supplementary Information

Quarter Ended June 30, 2012

•

Condensed Consolidated Statements of Operations

•

Condensed Consolidated Balance Sheets

•

Condensed Consolidated Statements of Cash Flows

•

Segment Financial Information

•

UnitedHealthcare Customer Profile

UNITEDHEALTH GROUP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share data)

(unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2012

2011

2012

2011

Revenues

Premiums

$

24,609

$

22,813

$

49,240

$

45,816

Services

1,800

1,656

3,591

3,254

Products

678

605

1,366

1,254

Investment and other income

178

160

350

342

Total revenues

27,265

25,234

54,547

50,666

Operating Costs

Medical costs

20,013

18,578

39,952

37,303

Operating costs

4,080

3,733

8,176

7,350

Cost of products sold

620

554

1,254

1,153

Depreciation and amortization

326

270

622

540

Total operating costs

25,039

23,135

50,004

46,346

Earnings from Operations

2,226

2,099

4,543

4,320

Interest expense

(153

)

(119

)

(301

)

(237

)

Earnings Before Income Taxes

2,073

1,980

4,242

4,083

Provision for income taxes

(736

)

(713

)

(1,517

)

(1,470

)

Net Earnings

$

1,337

$

1,267

$

2,725

$

2,613

Diluted Net Earnings Per Common Share

$

1.27

$

1.16

$

2.59

$

2.38

Diluted weighted-average common shares outstanding

1,049

1,094

1,054

1,096

1

UNITEDHEALTH GROUP

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions)

(unaudited)

June 30,

December 31,

2012

2011

Assets

Cash and short-term investments

$

14,430

$

12,006

Accounts receivable, net

2,648

2,294

Other current assets

5,649

6,050

Total current assets

22,727

20,350

Long-term investments

16,698

16,166

Other long-term assets

34,040

31,373

Total assets

$

73,465

$

67,889

Liabilities and Shareholders' Equity

Medical costs payable

$

10,491

$

9,799

Commercial paper and current maturities of long-term debt

1,946

982

Other current liabilities

15,671

13,141

Total current liabilities

28,108

23,922

Long-term debt, less current maturities

10,671

10,656

Future policy benefits

2,441

2,445

Deferred income taxes and other liabilities

2,870

2,574

Shareholders' equity

29,375

28,292

Total liabilities and shareholders' equity

$

73,465

$

67,889

2

UNITEDHEALTH GROUP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

(unaudited)

Six Months Ended June 30,

2012

2011

Operating Activities

Net earnings

$

2,725

$

2,613

Noncash items:

Depreciation and amortization

622

540

Deferred income taxes and other

(55

)

202

Share-based compensation

242

218

Net changes in operating assets and liabilities

2,237

(1,154

)

Cash flows from operating activities

5,771

2,419

Investing Activities

Cash paid for acquisitions, net of cash assumed

(2,404

)

(827

)

Cash received for divestiture

—

378

Purchases of property, equipment and capitalized software, net

(465

)

(516

)

Net purchases and maturities of investments

(534

)

(593

)

Cash flows used for investing activities

(3,403

)

(1,558

)

Financing Activities

Common stock repurchases

(1,809

)

(1,255

)

Customer funds administered

1,108

1,228

Dividends paid

(386

)

(309

)

Net change in commercial paper and long-term debt

995

(54

)

Other, net

(127

)

181

Cash flows used for financing activities

(219

)

(209

)

Increase in cash and cash equivalents

2,149

652

Cash and cash equivalents, beginning of period

9,429

9,123

Cash and cash equivalents, end of period

$

11,578

$

9,775

3

UNITEDHEALTH GROUP

SEGMENT FINANCIAL INFORMATION

(in millions)

(unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2012

2011

2012

2011

Revenues

UnitedHealthcare (a)

$

25,516

$

23,653

$

51,049

$

47,527

OptumHealth

2,025

1,670

3,964

3,177

OptumInsight

671

658

1,342

1,329

OptumRx

4,605

4,688

9,326

9,320

Total Optum

7,301

7,016

14,632

13,826

Eliminations

(5,552

)

(5,435

)

(11,134

)

(10,687

)

Total consolidated revenues

$

27,265

$

25,234

$

54,547

$

50,666

Earnings from Operations

UnitedHealthcare

$

1,906

$

1,759

$

3,971

$

3,658

OptumHealth

123

135

215

244

OptumInsight

95

87

184

170

OptumRx

102

118

173

248

Total Optum

320

340

572

662

Total consolidated earnings from operations

$

2,226

$

2,099

$

4,543

$

4,320

Operating Margin

UnitedHealthcare

7.5

%

7.4

%

7.8

%

7.7

%

OptumHealth

6.1

8.1

5.4

7.7

OptumInsight

14.2

13.2

13.7

12.8

OptumRx

2.2

2.5

1.9

2.7

Total Optum

4.4

%

4.8

%

3.9

%

4.8

%

Consolidated operating margin

8.2

%

8.3

%

8.3

%

8.5

%

(a)

Revenues for the three and six months ended June 30, 2012 were $11,616 and $23,293 for UnitedHealthcare Employer & Individual; $10,098 and $20,311 for UnitedHealthcare Medicare & Retirement; and $3,802 and $7,445 for UnitedHealthcare Community & State, respectively. Revenues for the three and six months ended June 30, 2011 were $11,307 and $22,449 for UnitedHealthcare Employer & Individual; $9,015 and $18,427 for UnitedHealthcare Medicare & Retirement; and $3,331 and $6,651 for UnitedHealthcare Community & State, respectively.

4

UNITEDHEALTH GROUP

UNITEDHEALTHCARE CUSTOMER PROFILE

(in thousands)

(unaudited)

People Served

June 30, 2012

March 31, 2012

December 31, 2011

June 30, 2011

December 31, 2010

Commercial risk-based

9,345

9,360

9,550

9,495

9,405

Commercial fee-based

17,075

17,085

16,320

16,205

15,405

Total Commercial

26,420

26,445

25,870

25,700

24,810

Medicare Advantage (a)

2,580

2,495

2,240

2,185

2,070

Medicaid

3,800

3,590

3,525

3,430

3,320

Medicare Supplement

3,075

3,040

2,935

2,860

2,770

Total Public and Senior (b)

9,455

9,125

8,700

8,475

8,160

Total UnitedHealthcare - Medical

35,875

35,570

34,570

34,175

32,970

Supplemental Data

Medicare Part D stand-alone

4,230

4,240

4,855

4,780

4,530

(a)

Total includes 65,000 individuals served in connection with second quarter 2012 acquisitions and 120,000 individuals served in connection with a first quarter 2012 acquisition.

UnitedHealth Group served 76.6 million individuals across all businesses at June 30, 2012, 75.1 million at March 31, 2012, 78.1 million at December 31, 2011, 77.1 million at June 30, 2011, and 75.4 million at December 31, 2010.

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